State-Owned Enterprises in Panama

Selected Issues Papers, September 16, 2025

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State-Owned Enterprises in Panama

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Bibliographic details

• Authors: Wim Fonteyne
• Published: September 16, 2025
• Series: Selected Issues Papers
• DOI: https://doi.org/10.5089/9798229025928.018

Overview and Key Findings

• Panama has a significant and diverse state-owned enterprise (SOE) sector, comprising 16 non-financial enterprises, 5 financial institutions, and the Panama Canal Authority (ACP).
• The ACP operates under a specific legal and budgetary framework that ensures its institutional autonomy, which has been key to its success.
• The other SOEs operate under a different legal framework and have seen mixed performance.
• Drawing lessons from the success of the ACP, greater independence in their governance, finances and operations, coupled with increased transparency and more effective oversight, would likely help improve their financial performance as well as the quality of the services they provide.

SOE Sector Composition

• 16 non-financial enterprises
• 5 financial institutions
• Panama Canal Authority (ACP) as a distinct entity with its own framework

ACP: Legal and Institutional Features

• ACP operates under a specific legal and budgetary framework.
• This institutional autonomy has been identified as a key factor in the ACP's success.

Performance, Governance, and Oversight of Other SOEs

• Other SOEs operate under a different legal framework from the ACP.
• These SOEs have experienced mixed performance.
• Identified areas for improvement include:
  • Greater independence in governance, finances, and operations.
  • Increased transparency.
  • More effective oversight.

Policy Implications and Recommendations

• Adopt elements of the ACP’s legal and budgetary autonomy where appropriate for other SOEs.
• Strengthen governance arrangements to increase operational and financial independence.
• Enhance transparency measures for SOE activities and financials.
• Improve oversight mechanisms to support better financial performance and higher-quality service delivery.

Wim Fonteyne. "State-Owned Enterprises in Panama", Selected Issues Papers 2025, 124 (2025).

Content in this bundle

• State-Owned Enterprises in Panama; IMF Selected Issues Paper No. 2025/124; July 9, 2025
  • State-Owned Enterprises in Panama; IMF Selected Issues Paper No. 2025/124; July 9, 2025 (Markdown version)
  • State-Owned Enterprises in Panama; IMF Selected Issues Paper No. 2025/124; July 9, 2025 (PDF)